kids from the s.i i. lacrosse team. lieutenant, if you did just a bit of superficial digging, you could find out the names of the kids and talk to their parents and potentially save a life by doing that. but i support generally an education and outreach to the high schools, the kids that do hang out there, because it is an important conversation that needs to happen. people are dying out there. and our first responders' lives are being put at risk trying to save lives out there. so those are two very good reasons why those conversations need to happen. i want to thank the chief for the step-up and the p.i.o. conversation that have happened. i have seen the signs when we had the unusually high waves -- >> the surf advisory? >> the surf advisory. the signs went up and the beaches were essentially shut down. we probably had no lives to save out there that day because of that. so thankfully that happened. but i think there needs to be a broader conversation that needs to continue. i know the weather is going to get better,

's.is sucking up bbb if we are going into a recession, do i want to own bbb's in that environment?> you want to own high-yield. we are changing our view. bbb's is idiosyncratic. as bob michael pointed out, some of these firms are shifting debt balance sheets off. you see it with heinz, ge, at&t. we are seeing improvement. fundamentals are improving. we don't see that improvement in high-yield market. >> i agree. fourth quarter was a blessing in disguise. it scared companies straight. they saw their future of not being able to issue possible downgrades. i disagree on the high-yield side. i think it looks pretty good. that is a different story. high-yield bonds. jonathan: why is it looking good? >> they have not levered up like in the past. these are companies that have not taken balance sheets to access like previous cycles. all that has been put on the lever loan market. that is where the excesses. bbb's got religion. loans may not. the demand we have seen in the ig space, high-yield, you could extend to em as well. the fed will raise rates. this is the environment where you can ad